The Benguela, Belize, Lobito and Tomboco fields form the BBLT Development,
one of Chevron's "Big 5" projects. BBLT is the first of the Big 5 projects to
reach this significant production milestone. In December 2005, the Benguela
Belize drilling and production platform in Angola was awarded Project of the
Year by the Offshore Energy Association.

"Chevron is proud to take a leading role in developing Angola's natural
resources, particularly in the deepwater," said John Watson, president,
Chevron International Exploration and Production Co. "The project team
successfully managed the engineering challenges within budget, ahead of
schedule and, most important, in a safe manner. Benguela Belize clearly
demonstrates the company's ability to select and execute major capital
projects."

The BBLT Development, located approximately 50 miles (80 kilometers)
offshore in approximately 1,300 feet (396 meters) of water, is being developed
in two phases. Phase 1 -- Benguela Belize -- combines an integrated drilling
and production platform hub facility supported by a compliant piled tower.
The compliant piled tower is the first application of this structural
technology outside the U.S. Gulf of Mexico. Phase 2 -- Lobito Tomboco -- will
produce via subsea wells tied into the central production hub.

"Production will continue to ramp up as additional planned wells and
fields are brought into production over the next two years. The project's
daily peak production is expected to reach about 200,000 barrels of oil per
day," said Jim Blackwell, Chevron's managing director of the Southern Africa
strategic business unit.

The BBLT facilities were constructed in Angola, Korea, Europe and the
United States, and have been successfully installed and commissioned.

Cabinda Gulf Oil Co. Ltd. is the operator of the Block 14 contractor
group, which is comprised of the following companies: